S.L. 345.6 Art. 5Forms of membership or access. S.L. 370.10

(1) European investment firms shall have the right of membership or have access to any regulated market established in

Malta by means of any one of the following arrangements:

(a) directly, by setting up branches in Malta, in terms of the European Passport Rights for Investment Firms

Regulations; and, or

(b) indirectly, by setting up a subsidiary company in Malta duly licensed in terms of the Investment Services Act and regulations issued thereunder, or by acquiring other investment firms in Malta and which are already members of any such regulated market or already have access thereto.

(2) Where a regulated market operates without any requirement for a physical presence, European investment firms may become members of or have access to such regulated market on the same basis as aforesaid without having to be established in Malta.

(3) The arrangements referred to in subregulations (1) and (2) shall be provided for in the bye-laws of a regulated market.